18-Unit Multifamily
281 Northeast 78th Street Miami, FL 33138
For Sale
$4,000,000
18-unit multifamily building on a T-6-8-O lot, with zoning allowing up to 68 residential units by right.
Property Size12,500 SF
Price / SF$320
Days on Market1593
Property Features for 281 Northeast 78th Street
General Information
- Standard status
- Active
- Size
- 12,500 SF
- Property subtype
- Commercial/Industrial / Income/Multi Family
Building Details
- Year Built
- 1941
Listing Agency:
Fausto Commercial Realty Consultants Inc
(786) 748-7373
Listed By:
Carlos Miranda · License #3129999
(786) 748-7373
Source:
Compass
Added: Mar 13, 2022
Changed: Jul 22
Last Checked: Jul 23 at 6:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This 18-unit multifamily building totals 12,500 square feet on a 20,000 square foot T-6-8-O lot in Miami, FL. The zoning designation allows a multitude of uses, including the possibility of vertical development of 68 residential units by right.
The property is positioned along NW 79th St, a major east-west corridor, and is about a block from Biscayne, the city’s major north-south urban spine. The site is also adjacent to the former INS site where a mega-project is in the works, with additional nearby development and creative/hotspot areas mentioned including Ironside, Citadel, and Emancipator Creative Spaces.
The property is positioned along NW 79th St, a major east-west corridor, and is about a block from Biscayne, the city’s major north-south urban spine. The site is also adjacent to the former INS site where a mega-project is in the works, with additional nearby development and creative/hotspot areas mentioned including Ironside, Citadel, and Emancipator Creative Spaces.
Key Highlights
- 18‑unit multifamily building built in 1941
- 12,500 SF total building size on a 20,000 SF T‑6‑8‑O lot
- Zoning (T‑6‑8‑O) allows for vertical development up to 68 residential units by right
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $450.0k | $36.00 |
| − Vacancy | −$30.2k | −$2.41 |
| EGI | $419.9k | $33.59 |
| − OpEx | −$188.9k | −$15.11 |
| NOI | $230.9k | $18.47 |
12,500 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.89M – $3.85M
NOI $230,918 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.44M
$7.38M – $9.84M
NOI $590,631 @ 7.0% cap · market cap 14.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - 18-unit multifamily building on a T-6-8-O lot, with zoning allowing up to 68 residential units by right.
Where is this apartment building located?
The property is located at 281 Northeast 78th Street Miami, FL.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 18‑unit multifamily building built in 1941; 12,500 SF total building size on a 20,000 SF T‑6‑8‑O lot; Zoning (T‑6‑8‑O) allows for vertical development up to 68 residential units by right
